VocaLink surprise dropping of Sepa services

VocaLink has dropped its Sepa payment and credit services. This is a surprise move as it has contracts with many large banks including ABN Amro, Bank of America, Citigroup, Royal Bank of Scotland and Santander for Sepa services. It previously built its whole European expansion strategy around Sepa and the new pan-European services required.

VocaLink said there would be a phased withdrawal of the services due to 'volumes remaining comparative low'. CEO, Marion King stated that the company had "decided to realign our global products to reflect our customers' current priorities around immediate payments". She went on to stress that the company was not withdrawing from international payments and is in fact creating a new global transactions services team with a promise to "deliver a wide range of services to global customers and partners through its unique immediate payments expertise and leading presence in clearing and switching".